CLARITY MEDICAL GROUP HOLDING LIMITED (the “Company”) has announced the immediate disengagement of its previously appointed forensic adviser, PricewaterhouseCoopers Consulting Hong Kong Limited (“PwC Consulting”), due to an actual or perceived conflict of interest. PwC Consulting and PwC operate under the same group, and PwC originally served as the Company’s reporting accountant for its initial public offering (IPO), as well as auditor for the financial year ended 31 March 2022. With the announcement of allegations concerning potential overstatement of profits and material misstatements in the IPO prospectus, concerns arose regarding PwC Consulting’s independence in conducting the related investigation.

The Company further stated that two existing committees tasked with probing corporate governance allegations and the IPO-related allegations have been reconstituted. Previously, the special investigation committee (“Special Committee”) was led by two independent non-executive Directors, while the separate special committee (“Separate Special Committee”) comprised an external independent legal expert as chair and three independent non-executive Directors.

Following a board meeting held on 11 November 2025, membership changes were approved. The Special Committee, previously composed of Ms. Cheng and Mr. Wang, now consists of newly appointed independent non-executive Directors, Ms. Ci and Dr. Chen. Meanwhile, the Separate Special Committee no longer includes Ms. Cheng and Mr. Wang; it will now include Dr. Chen and continue to be chaired by Mr. Lawrence Lee, with Ms. Ci also serving as a member. The adjustments address the board’s concerns over ensuring complete independence in these investigations.

Relevant board resolutions were passed to formalize these changes. Ms. Cheng voted against the disengagement of PwC Consulting and a related committee resolution. Mr. Wang voluntarily stepped down from both committees to maintain the integrity of the ongoing investigations. The reconstituted Special Committee is expected to propose new advisers for board approval, and further announcements will be made in due course as the investigations progress.